Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 11, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | URANIUM RESOURCES INC /DE/ | |
Entity Central Index Key | 839,470 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 24,513,787 | |
Trading Symbol | URRE | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 9,882 | $ 3,309 |
Marketable securities | 999 | |
Notes receivable - current | 1,500 | |
Prepaid and other current assets | 1,033 | 602 |
Total Current Assets | 13,414 | 3,911 |
Property, plant and equipment, at cost: | ||
Property, plant and equipment | 112,461 | 112,964 |
Less accumulated depreciation, depletion and impairment | (65,612) | (66,048) |
Net property, plant and equipment | 46,849 | 46,916 |
Restricted cash | 3,941 | 3,964 |
Notes receivable - non-current | 2,176 | |
Long-term assets held for sale | 2,123 | |
Total Assets | 66,380 | 56,914 |
Current Liabilities: | ||
Accounts payable | 712 | 610 |
Accrued liabilities | 1,229 | 1,981 |
Convertible loan, net of discount - related party | 5,431 | |
Current portion of asset retirement obligations | 121 | 121 |
Total Current Liabilities | 2,062 | 8,143 |
Asset retirement obligations, net of current portion | 4,786 | 4,668 |
Other long-term liabilities and deferred credits | 500 | 500 |
Long-term liabilities related to assets held for sale | 555 | |
Total Liabilities | 7,348 | 13,866 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock, 100,000,000 shares authorized, $.001 par value; Issued shares – 24,501,399 and 16,675,419, respectively Outstanding shares - 24,493,374 and 16,667,394, respectively | 25 | 17 |
Paid-in capital | 293,892 | 280,191 |
Accumulated other comprehensive income | 430 | |
Accumulated deficit | (235,057) | (236,902) |
Treasury stock (8,025 and 8,025 shares, respectively), at cost | (258) | (258) |
Total Stockholders' Equity | 59,032 | 43,048 |
Total Liabilities and Stockholders' Equity | $ 66,380 | $ 56,914 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 24,501,399 | 16,675,419 |
Common stock, shares outstanding | 24,493,374 | 16,667,394 |
Treasury stock, shares | 8,025 | 8,025 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Expenses: | ||
Mineral property expenses | $ (769) | $ (731) |
General and administrative expenses | (1,668) | (2,145) |
Accretion of asset retirement obligations | (132) | (120) |
Depreciation and amortization | (38) | (82) |
Total operating expenses | (2,607) | (3,078) |
Non-Operating Income/(Expenses): | ||
Loss on sale of marketable securities | (116) | |
Loss on extinguishment of convertible debt | (39) | |
Gain on disposal of uranium properties | 4,422 | |
Interest income/(expense) | 52 | (743) |
Commitment fees | (333) | |
Other income/(expense), net | 17 | (3) |
Total other income/(expense) | 4,452 | (1,195) |
Net Income/(Loss) | 1,845 | (4,273) |
Other Comprehensive Income/(Loss) | ||
Unrealized fair value increase/(decrease) on available-for-sale securities | 430 | (49) |
Transfer to realized loss upon sale of available-for-sale securities | 116 | |
Comprehensive Income/(Loss) | $ 2,275 | $ (4,206) |
BASIC AND DILUTED INCOME/(LOSS) PER SHARE | $ 0.09 | $ (0.86) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 21,601,847 | 4,967,896 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows and Supplemental Cash Flow Information (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Activities: | ||
Net income/(loss) | $ 1,845 | $ (4,273) |
Reconciliation of net loss to cash used in operations: | ||
Accretion of asset retirement obligations | 132 | 120 |
Amortization of debt discount | 30 | 450 |
Amortization of convertible loan establishment fee | 25 | |
Amortization of notes receivable discount | (175) | |
Loss on extinguishment of convertible debt | 39 | |
Loss on sale of marketable securities | 116 | |
Common stock issued as payment for commitment fees | 333 | |
Costs incurred for restoration and reclamation activities | (14) | (39) |
Depreciation and amortization | 38 | 82 |
Stock compensation expense | 22 | 183 |
Gain on disposal of uranium properties | (4,422) | |
Amortization of non-cash investor relations fees | 25 | |
Effect of changes in operating working capital items: | ||
Increase in receivables | (5) | (62) |
Increase in prepaid and other current assets | (151) | (168) |
Increase/(decrease) in payables, accrued liabilities and deferred credits | (651) | 1,028 |
Net Cash Used In Operating Activities | (3,287) | (2,205) |
Cash Flows From Investing Activities: | ||
Proceeds from the sale of investments | 247 | |
Increase/(decrease) in restricted cash | 23 | (6) |
Proceeds from disposal of property, plant and equipment | 1,950 | |
Net Cash Provided By Investing Activities | 1,973 | 241 |
Cash Flows From Financing Activities: | ||
Payments on borrowings | (5,500) | |
Issuance of common stock, net | 13,388 | 1,193 |
Payment of minimum withholding taxes on net share settlements of equity awards | (1) | |
Net Cash Provided By Financing Activities | 7,887 | 1,193 |
Net increase/(decrease) in cash and cash equivalents | 6,573 | (771) |
Cash and cash equivalents, beginning of period | 3,309 | 865 |
Cash and Cash Equivalents, End of Period | 9,882 | 94 |
Cash paid during the period for: | ||
Interest | 227 | |
Supplemental Non-Cash Information With Respect to Investing and Financing Activities: | ||
Common stock issued for settlement of accounts payable | 703 | |
Common stock issued for payment of convertible loan interest and fees | $ 242 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2016 | $ 17 | $ 280,191 | $ (236,902) | $ (258) | $ 43,048 | |
Balance shares at Dec. 31, 2016 | 16,667,394 | |||||
Net income | 1,845 | 1,845 | ||||
Common stock issued, net of issuance costs | $ 8 | 13,380 | 13,388 | |||
Common stock issued, net of issuance costs, shares | 7,673,972 | |||||
Common stock issued for investor relations fees | 300 | 300 | ||||
Common stock issued for investor relations fees, shares | 150,000 | |||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes | 22 | 22 | ||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes, shares | 2,008 | |||||
Minimum withholding taxes on net share settlements of equity awards | (1) | (1) | ||||
Unrealized holding gain on marketable securities | 430 | 430 | ||||
Balance at Mar. 31, 2017 | $ 25 | $ 293,892 | $ 430 | $ (235,057) | $ (258) | $ 59,032 |
Balance shares at Mar. 31, 2017 | 24,493,374 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements for Uranium Resources, Inc. (the “Company,” “we,” “us,” or “URI”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying statements should be read in conjunction with the audited financial statements included in Uranium Resources, Inc.’s 2016 Annual Report on Form 10-K. In the opinion of management, all adjustments (which are of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for any other period including the full year ending December 31, 2017. Recently Issued Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update No. 2017-01 (ASU 2017-01), Business Combinations: Clarifying the Definition of a Business, which clarifies the definition of a business when determining whether a company has acquired or sold a business. The ASU applies to all entities and is effective for annual periods ending after December 15, 2017, and interim periods thereafter, with early adoption permitted under certain circumstances. The Company does not believe that the adoption of this guidance will have a material impact on our financial statements. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows: Restricted Cash, which will require that a statement of cash flows explain the change during period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU applies to all entities and is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years beginning after December 15, 2019, with early adoption permitted. As a result, upon adoption, the Company will include the restricted cash amount in its beginning-of-period and end-of-period reconciliations of cash on its statement of cash flows. For the three months ended March 31, 2017, this would have resulted in the Company including an additional $4.0 million in its beginning-of-period cash balance and an additional $3.9 million in its end-of-period cash balance. The Company also would not have recorded a release of restricted cash of $23,000 in the investing section of its statement of cash flows. |
Liquidity
Liquidity | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | 2. LIQUIDITY At March 31, 2017, the Company had working capital of $11.4 million, which is expected to provide it with the necessary liquidity through March 31, 2018. At December 31, 2016, the Company had a working capital deficit of $4.3 million. The increase in working capital of $15.7 million for the three months ended March 31, 2017 was primarily due to the following: · the completion of two equity offerings in January 2017 and February 2017 for net proceeds of $8.9 million and $4.5 million, respectively; · the completion of the sale of the Company’s wholly-owned subsidiary Hydro Resources Inc. (“HRI”) to Laramide Resources Ltd. (“Laramide”) on January 5, 2017. Upon completion, the Company received $2.2 million in cash, a $5.0 million promissory note, of which $1.5 million is due within 12 months and 2,218,333 shares of Laramide Resources Ltd.’s common stock which had a fair value of $1.0 million at March 31, 2017. Details regarding this transaction are discussed in Note 3, below; and · the repayment of the remaining $5.5 million outstanding under the RCF Loan (defined in Note 7, below.) Subsequent to March 31, 2017, the Company entered into a Controlled Equity Offering Sales Agreement on April 14, 2017 pursuant to which the Company may offer and sell from time to time shares of its common stock having an aggregate offering price of up to $30.0 million through Cantor Fitzgerald & Co. acting as sales agent (the “ATM Offering”.) The Company believes that the ATM Offering, along with its existing working capital balance, will provide it with the necessary liquidity to fund operations in 2018 and beyond. The Company will also continue to explore additional opportunities to raise capital, further monetize its non-core assets and identify ways to reduce its cash expenditures. While the Company has been successful in the past raising funds through equity and debt financings as well as through the sale of non-core assets, no assurance can be given that additional financing will be available to it in amounts sufficient to meet the Company’s needs or on terms acceptable to the Company. In the event that funds are not available, the Company may be required to materially change its business plans. |
Disposal of Hydro Resources, In
Disposal of Hydro Resources, Inc. | 3 Months Ended |
Mar. 31, 2017 | |
Disposal Of Hydro Resources Inc. | |
Disposal of Hydro Resources, Inc. | 3. DISPOSAL OF HYDRO RESOURCES, INC. On January 5, 2017, Laramide and the Company closed the sale of the Company’s wholly-owned subsidiary HRI, which holds the Churchrock and Crownpoint projects, pursuant to a Share Purchase Agreement (the “Laramide SPA”). Under the terms of the Laramide SPA, as amended on December 5, 2016, the Company received the following consideration: $2.5 million in cash, of which $250,000 was paid in advance on October 21, 2016; 2,218,333 each of shares of Laramide common stock and Laramide common stock purchase warrants. Each common stock purchase warrant entitles the Company to purchase one share of common stock of Laramide at a price of CDN$0.45 for a period of 60 months from the date of closing; a $5.0 million promissory note, secured by a mortgage over the projects. The note has a three-year term and carries an initial interest rate of 5% which then increases to 10% upon Laramide’s decision regarding commercial production at the Churchrock project. Principal payments of approximately $1.5 million are due and payable on January 5 in each of 2018 and 2019, with the balance of $2.0 million due and payable on January 5, 2020. Interest is payable on a quarterly basis, provided however that no interest will be payable until March 31, 2018. Laramide will have the right to satisfy up to half of each of these principal payments by delivering shares of its common stock to the Company, which shares will be valued by reference to the volume weighted average price (“VWAP”) for Laramide’s common stock for the 20 trading days before the respective anniversary of January 5, on which each payment is due; a retained 4.0% Net Smelter Returns Royalty (“NSR Royalty”) on the Churchrock project, which royalty may be repurchased by Laramide by January 5, 2018 for $4.95 million; and an option to purchase Laramide’s La Sal project for $3.0 million and an option to purchase its La Jara Mesa project for $5.0 million, both of which expire on January 5, 2018. Any such exercise by the Company will first result in a reduction of the principal amount due under the promissory note with any remaining portions of the purchase price to be paid in cash by the Company. The divestiture of HRI was accounted for as an asset disposal and the non-cash consideration received from Laramide was recorded at fair value. The fair value of the shares of Laramide common stock received was determined using the closing share price of Laramide’s stock on January 5, 2017. The Company did not record a value for the warrants received as these were considered contingent consideration until the receipt of approval by Laramide’s stockholders which was obtained at a meeting held on April 27, 2017. Upon stockholder approval, the Company recorded additional gain of $0.5 million, which was the fair value of the warrants using the black-scholes method on that date. The fair value of the notes receivable was determined using the present value of the future cash receipts discounted at a market rate of 9.5%. The Company did not record a separate fair value for the options as the exercise of the options would reduce the amount outstanding under the notes receivable. Due to the high degree of uncertainties surrounding future mine development and minerals prices, as well as limited marketability, the Company determined the fair value of the NSR Royalty to be nil. The following fair value amounts were recorded as the purchase consideration: (thousands of dollars) Fair Value Cash, less transaction costs $ 1,950 Laramide common stock 569 Notes receivable 3,501 Total consideration received $ 6,020 The fair value of the shares of Laramide’s common stock received were valued using Level 1 inputs of the fair value hierarchy and the fair value of the notes receivable was valued using Level 2 inputs, as defined in Note 4 below. The Company recorded the following gain on disposal of uranium properties within its Condensed Consolidated Statement of Operations: (thousands of dollars) Total consideration received $ 6,020 Carrying value of Churchrock project (2,123) Carrying value of other plant and equipment (31) Accounts payable 1 Asset retirement obligation 105 Royalty payable on Churchrock project 450 Gain on disposal of HRI $ 4,422 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 4. FINANCIAL INSTRUMENTS Applicable accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that are observable at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 includes unobservable inputs that reflect management’s assumptions about what factors market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including internal data. The Company believes that the fair values of our assets and liabilities approximate their reported carrying amounts. The following table presents information about assets that were recorded at fair value on a recurring and non-recurring basis as of March 31, 2017 and December 31, 2016 and indicate the fair value hierarchy: March 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Current Assets Marketable securities $ 999 $ - $ - $ 999 Notes receivable – current - 1,500 - 1,500 Total current assets recorded at fair value $ 999 $ 1,500 $ - $ 2,499 Non-Current Assets Restricted cash 3,941 - - 3,941 Notes receivable - non-current - 2,176 - 2,176 Total non-current assets recorded at fair value $ 3,941 $ 2,176 $ - $ 6,117 December 31, 2016 Level 1 Level 2 Level 3 Total Non-Current Assets Restricted cash $ 3,964 $ - $ - $ 3,964 Total non-current assets recorded at fair value $ 3,964 $ - $ - $ 3,964 Assets that are measured on a recurring basis include the Company’s marketable securities and restricted cash. The Company’s notes receivable current and non-current were measured at fair value upon receipt, which approximates fair value as of March 31, 2017. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 5. PROPERTY, PLANT AND EQUIPMENT Net Book Value of Property, Plant and Equipment at March 31, 2017 (thousands of dollars) Turkey Texas New Mexico Corporate Total Uranium plant $ - $ 8,455 $ - $ - $ 8,455 Mineral rights and properties 17,968 - 19,102 - 37,070 Other property, plant and equipment 21 1,176 - 127 1,324 Total $ 17,989 $ 9,631 $ 19,102 $ 127 $ 46,849 Net Book Value of Property, Plant and Equipment at December 31, 2016 (thousands of dollars) Turkey Texas New Mexico Corporate Total Uranium plant $ - $ 8,459 $ - $ - $ 8,459 Mineral rights and properties 17,968 - 19,102 - 37,070 Other property, plant and equipment 22 1,224 - 141 1,387 Total $ 17,990 $ 9,683 $ 19,102 $ 141 $ 46,916 |
Mineral Property Expenditures
Mineral Property Expenditures | 3 Months Ended |
Mar. 31, 2017 | |
Mineral Property Expenditures | |
Mineral Property Expenditures | 6. MINERAL PROPERTY EXPENDITURES Mineral property expenditures by geographical location for the three months ended March 31, 2017 and 2016 are as follows: For the Three Months Ended March 31, 2017 2016 (thousands of dollars) Temrezli project, Turkey $ 98 $ 241 Total Turkey projects 98 241 Kingsville Dome project, Texas 262 234 Rosita project, Texas 112 68 Vasquez project, Texas 169 158 Other projects, Texas 1 22 Total Texas projects 544 482 Cebolleta project, New Mexico - 1 Juan Tafoya project, New Mexico 6 7 Total New Mexico projects 6 8 Columbus Basin project, Nevada 117 - Other projects, Nevada 4 - Total Nevada projects 121 - Total expense for the period $ 769 $ 731 On March 24, 2017, the Company’s wholly owned subsidiary Lithium Holdings Nevada LLC entered into an option agreement to purchase a block of unpatented placer mining claims covering an area of approximately 3,000 acres within the Columbus Salt Marsh area of Esmeralda County, Nevada. The claims adjoin a portion of the Company’s current property holdings at its Columbus Basin project, expanding the project area within the basin to approximately 14,000 acres. The Company has the right to conduct exploration activities on the claims during the one-year option period. Under the option agreement, the Company may acquire the mineral property claims on or before March 24, 2018 in exchange for 200,000 shares of its common stock and a 1% NSR Royalty on the claims. The Company paid $75,000 for this option, which has been included as exploration expense for the Columbus Basin project. |
Convertible Loan
Convertible Loan | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Convertible Loan | 7. CONVERTIBLE LOAN On November 13, 2013, the Company entered into a loan agreement (the “RCF Loan”) with Resource Capital Fund V L.P. (“RCF”), whereby RCF agreed, subject to the terms and conditions set forth in the RCF Loan, to provide a secured convertible loan facility of up to $15.0 million to the Company, which was subsequently amended on April 29, 2014 to reduce the amount available thereunder from $15.0 million to $8.0 million. The Company exchanged $2.5 million in principal for its common shares in December 2016 and repaid the remaining $5.5 million outstanding under the RCF Loan on February 9, 2017. No further obligations remain under the RCF Loan following the repayment. The Company and RCF remain party to the Stockholders’ Agreement dated March 1, 2012, pursuant to which RCF has the right to participate in equity offerings by the Company, in order to maintain its pro rata ownership of the Company’s common stock. Based on the Schedule 13D/A filed by RCF on March 3, 2017, RCF and its affiliates beneficially owned approximately 2.9% of the Company’s outstanding common stock as of April 13, 2017. As a result of the repayment, the Company recorded a loss of $39,000 on the extinguishment of debt which represented the difference between the principal amount of $5.5 million and the carrying value of the RCF Loan on the date of repayment. |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | 8. ASSET RETIREMENT OBLIGATIONS The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet: March 31, December 31, 2017 2016 (thousands of dollars) Balance, beginning of period $ 4,894 $ 4,468 Liabilities settled (14) (54) Liabilities disposed (105) Accretion expense 132 480 Balance, end of period 4,907 4,894 Less: Current portion (121) (121) Less: Liabilities held for sale - (105) Non-current portion $ 4,786 $ 4,668 The Company is currently performing surface reclamation activities at its Rosita project located in Duval County, Texas. The Company’s current liability of $0.1 million consists of the estimated costs associated with current surface reclamation activities through March 2018 at the Company’s Rosita project. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Common Stock | 9. COMMON STOCK Common Stock Issued, Net of Issuance Costs Confidentially Marketed Public Offering On January 19, 2017, the Company completed a registered public offering for net proceeds of $8.9 million. The Company sold 1,399,140 shares of common stock at a price of $2.01 per share and 3,426,731 pre-funded warrants at a price of $2.00 per warrant. The warrants have an exercise price of $0.01. All of the pre-funded warrants have been exercised. Registered Direct Offering On February 16, 2017, the Company completed a registered direct offering for net proceeds of $4.5 million with Aspire Capital Fund LLC (“Aspire Capital”) whereby Aspire Capital purchased 2,100,000 shares of common stock at a price of $1.58 and 748,101 pre-funded common stock purchase warrants at a price of $1.57. The warrants have an exercise price of $0.01 per share and a term of three years. All of the pre-funded warrants have been exercised. Common Stock Issued for Investor Relations Fees On February 28, 2017, the Company issued 150,000 shares with a fair market value of $0.3 million or $2.00 per share as partial consideration for investor relations services that will be provided to the Company over the next 12 months. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 10. STOCK-BASED COMPENSATION Stock-based compensation awards consist of stock options, restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) issued under the Company’s equity incentive plans which include: the 2013 Omnibus Incentive Plan (the “2013 Plan”); the 2007 Restricted Stock Plan (the “2007 Plan”); the Amended and Restated 2004 Directors’ Stock Option and Restricted Stock Plan (the “2004 Directors’ Plan”); and the 2004 Stock Incentive Plan (the “2004 Plan”). Upon approval of the 2013 Plan by the Company’s stockholders on June 4, 2013, the Company’s authority to grant new awards under all plans other than the 2013 Plan was terminated. As of March 31, 2017, 54,460 shares were available for future issuances under the 2013 Plan. For the three months ending March 31, 2017 and 2016, the Company recorded stock-based compensation expense of $22,000 and $0.2 million, respectively, which has been included in general and administrative expense. In addition to the plans above, upon closing of the Company’s acquisition of the Anatolia Energy Ltd in November 2015, the Company issued 374,749 replacement options and performance shares to the option holders and performance shareholders of Anatolia Energy Ltd. The number of replacement options and performance shares was based upon the Black-Scholes value with the exercise prices of the replacement options and performance shares determined using the exchange rate of 0.00548. The options and performance shares were issued with the same terms and conditions as were applicable prior to the acquisition of Anatolia Energy Ltd. Stock Options The following table summarizes stock options outstanding and changes for the three-month periods ending March 31, 2017 and 2016, which excludes non-compensatory stock options that are listed on the ASX, relating to 266,742 shares in each period: March 31, March 31, 2017 2016 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Stock options outstanding at beginning of period 110,828 $ 18.24 326,424 $ 24.90 Expired (5,583) 11.04 - - Stock options outstanding at end of period 105,245 $ 18.62 326,424 $ 24.90 Stock options exercisable at end of period 105,139 $ 18.60 326,111 $ 24.89 The following table summarizes stock options outstanding and exercisable by stock option plan at March 31, 2017, which excludes non-compensatory stock options that are listed on the ASX, relating to 266,742 shares: Outstanding Stock Options Exercisable Stock Options Stock Option Plan Number of Outstanding Stock Options Weighted Average Exercise Price Number of Exercisable Stock Options Weighted Average Exercise Price 2004 Plan 4,792 $ 35.14 4,792 $ 35.14 2004 Directors’ Plan 1,390 629.52 1,390 629.52 2013 Plan 417 35.88 312 35.88 Replacement Stock Options 98,646 9.13 98,645 9.23 105,245 $ 18.62 105,139 $ 18.60 Restricted Stock Units Time-based and performance-based RSUs are valued using the closing share price of the Company’s common stock on the date of grant. The final number of shares issued under performance-based RSUs is generally based on the Company’s prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such awards assumes full satisfaction of all performance criteria. The following table summarizes RSU activity for the three-month periods ended March 31, 2017 and 2016: March 31, March 31, 2017 2016 Number of RSUs Weighted-Average Grant Date Fair Value Number of RSUs Weighted-Average Grant Date Fair Value Unvested RSUs at beginning of period 8,649 $ 43.71 32,699 $ 34.25 Forfeited - - (3,332) 32.21 Vested (2,513) 31.32 (5,291) 32.71 Unvested RSUs at end of period 6,136 $ 48.78 24,076 $ 34.87 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11. EARNINGS PER SHARE Basic and diluted loss per common share have been calculated based on the weighted-average shares outstanding during the period. Potentially dilutive shares of 561,456 were excluded from the calculation of earnings per share because the effect on the basic income per share would be anti-dilutive for the quarter ended March 31, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES The Company’s uranium recovery operations are subject to federal and state regulations for the protection of the environment, including water quality. Future closure and reclamation costs are provided for as each pound of uranium is produced on a unit-of-production basis. The Company reviews its reclamation obligations each year and determines the appropriate unit charge. The Company also evaluates the status of current environmental laws and their potential impact on their accrual for costs. The Company believes its operations are materially compliant with current environmental regulations. |
Geographic and Segment Informat
Geographic and Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Geographic and Segment Information | 13. GEOGRAPHIC AND SEGMENT INFORMATION The Company has one reportable operating segment, consisting of the exploration and development of lithium and uranium projects. These activities are focused principally in the United States and the Republic of Turkey. We reported no revenues during the three-month periods ended March 31, 2017 and 2016. Geographic location of property, plant and equipment, including mineral rights, and mineral property expenses, is provided in Notes 5 and 6, above. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | 14. SUBSEQUENT EVENT On April 14, 2017, the Company entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. (“Cantor”) acting as sales agent. Under the ATM Offering, the Company may from time to time sell shares of its common stock having an aggregate offering amount up to $30.0 million in “at-the-market” offerings, which shares are registered under a registration statement on Form S-3, which was declared effective on March 9, 2017. The Company pays Cantor a commission equal to 2.5% of the gross proceeds from the sale of any shares pursuant to the ATM Offering. As of May 11, 2017, the Company had sold 20,413 shares of common stock for net proceeds of $37,152 million under the ATM Offering. As a result, the Company had approximately $30.0 million remaining available for future sales under the ATM Offering. |
Disposal of Hydro Resources, 21
Disposal of Hydro Resources, Inc (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disposal Of Hydro Resources Inc. | |
Schedule of Fair Value of Purchase Consideration | The following fair value amounts were recorded as the purchase consideration: (thousands of dollars) Fair Value Cash, less transaction costs $ 1,950 Laramide common stock 569 Notes receivable 3,501 Total consideration received $ 6,020 |
Schedule of Asset Disposal | The Company recorded the following gain on disposal of uranium properties within its Condensed Consolidated Statement of Operations: (thousands of dollars) Total consideration received $ 6,020 Carrying value of Churchrock project (2,123) Carrying value of other plant and equipment (31) Accounts payable 1 Asset retirement obligation 105 Royalty payable on Churchrock project 450 Gain on disposal of HRI $ 4,422 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Schedule of Fair Value On a Recurring and Non-recurring Basis | The following table presents information about assets that were recorded at fair value on a recurring and non-recurring basis as of March 31, 2017 and December 31, 2016 and indicate the fair value hierarchy: March 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Current Assets Marketable securities $ 999 $ - $ - $ 999 Notes receivable – current - 1,500 - 1,500 Total current assets recorded at fair value $ 999 $ 1,500 $ - $ 2,499 Non-Current Assets Restricted cash 3,941 - - 3,941 Notes receivable - non-current - 2,176 - 2,176 Total non-current assets recorded at fair value $ 3,941 $ 2,176 $ - $ 6,117 December 31, 2016 Level 1 Level 2 Level 3 Total Non-Current Assets Restricted cash $ 3,964 $ - $ - $ 3,964 Total non-current assets recorded at fair value $ 3,964 $ - $ - $ 3,964 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Net Book Value of Property, Plant and Equipment at March 31, 2017 (thousands of dollars) Turkey Texas New Mexico Corporate Total Uranium plant $ - $ 8,455 $ - $ - $ 8,455 Mineral rights and properties 17,968 - 19,102 - 37,070 Other property, plant and equipment 21 1,176 - 127 1,324 Total $ 17,989 $ 9,631 $ 19,102 $ 127 $ 46,849 Net Book Value of Property, Plant and Equipment at December 31, 2016 (thousands of dollars) Turkey Texas New Mexico Corporate Total Uranium plant $ - $ 8,459 $ - $ - $ 8,459 Mineral rights and properties 17,968 - 19,102 - 37,070 Other property, plant and equipment 22 1,224 - 141 1,387 Total $ 17,990 $ 9,683 $ 19,102 $ 141 $ 46,916 |
Mineral Property Expenditures (
Mineral Property Expenditures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Mineral Property Expenditures | |
Schedule of Mineral Property Expenditures | Mineral property expenditures by geographical location for the three months ended March 31, 2017 and 2016 are as follows: For the Three Months Ended March 31, 2017 2016 (thousands of dollars) Temrezli project, Turkey $ 98 $ 241 Total Turkey projects 98 241 Kingsville Dome project, Texas 262 234 Rosita project, Texas 112 68 Vasquez project, Texas 169 158 Other projects, Texas 1 22 Total Texas projects 544 482 Cebolleta project, New Mexico - 1 Juan Tafoya project, New Mexico 6 7 Total New Mexico projects 6 8 Columbus Basin project, Nevada 117 - Other projects, Nevada 4 - Total Nevada projects 121 - Total expense for the period $ 769 $ 731 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of Asset Retirement Obligation | The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet: March 31, December 31, 2017 2016 (thousands of dollars) Balance, beginning of period $ 4,894 $ 4,468 Liabilities settled (14) (54) Liabilities disposed (105) Accretion expense 132 480 Balance, end of period 4,907 4,894 Less: Current portion (121) (121) Less: Liabilities held for sale - (105) Non-current portion $ 4,786 $ 4,668 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Options Outstanding | 2017 and 2016, which excludes non-compensatory stock options that are listed on the ASX, relating to 266,742 shares in each period: March 31, March 31, 2017 2016 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Stock options outstanding at beginning of period 110,828 $ 18.24 326,424 $ 24.90 Expired (5,583) 11.04 - - Stock options outstanding at end of period 105,245 $ 18.62 326,424 $ 24.90 Stock options exercisable at end of period 105,139 $ 18.60 326,111 $ 24.89 |
Summary of Stock Options Outstanding and Exercisable by Stock Option Plan | The following table summarizes stock options outstanding and exercisable by stock option plan at March 31, 2017, which excludes non-compensatory stock options that are listed on the ASX, relating to 266,742 shares: Outstanding Stock Options Exercisable Stock Options Stock Option Plan Number of Outstanding Stock Options Weighted Average Exercise Price Number of Exercisable Stock Options Weighted Average Exercise Price 2004 Plan 4,792 $ 35.14 4,792 $ 35.14 2004 Directors’ Plan 1,390 629.52 1,390 629.52 2013 Plan 417 35.88 312 35.88 Replacement Stock Options 98,646 9.13 98,645 9.23 105,245 $ 18.62 105,139 $ 18.60 |
Summary of Status of Non-Vested Restricted Shares | The following table summarizes RSU activity for the three-month periods ended March 31, 2017 and 2016: March 31, March 31, 2017 2016 Number of RSUs Weighted-Average Grant Date Fair Value Number of RSUs Weighted-Average Grant Date Fair Value Unvested RSUs at beginning of period 8,649 $ 43.71 32,699 $ 34.25 Forfeited - - (3,332) 32.21 Vested (2,513) 31.32 (5,291) 32.71 Unvested RSUs at end of period 6,136 $ 48.78 24,076 $ 34.87 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash balance, ending | $ 4,000 |
Payments to acquire cash restricted investments | $ 23 |
Liquidity (Details Narrative)
Liquidity (Details Narrative) - USD ($) $ in Thousands | Jan. 19, 2017 | Feb. 28, 2017 | Jan. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Working capital deficit | $ 11,400 | $ 4,300 | |||
Increase in working capital deficit | 15,700 | ||||
Net proceeds from direct offering | $ 8,900 | $ 4,500 | $ 8,900 | ||
Cash balances | 4,000 | ||||
Number of common shares issued value | 13,388 | ||||
RCF Loan [Member] | |||||
Repayment of remaining outstanding amount | 5,500 | ||||
Laramide Resources Ltd [Member] | |||||
Cash balances | 2,200 | ||||
Promissory debt | $ 5,000 | ||||
Number of common shares issued | 2,218,333 | ||||
Number of common shares issued value | $ 1,000 | ||||
Laramide Resources Ltd [Member] | Due Within 12 Months [Member] | |||||
Promissory debt | 1,500 | ||||
Cantor Fitzgerald & Co [Member] | |||||
Net proceeds from direct offering | $ 30,000 |
Disposal of Hydro Resources, 29
Disposal of Hydro Resources, Inc. (Details Narrative) $ / shares in Units, $ in Thousands | Jan. 05, 2017USD ($) | Dec. 05, 2016USD ($)shares | Mar. 31, 2017USD ($) | Jan. 19, 2017$ / shares | Dec. 05, 2016CAD / shares |
Warrant purchase price per share | $ / shares | $ 0.01 | ||||
Promissory note secured by mortgage over the projects | $ 5,500 | ||||
Churchrock Project [Member] | NSR Royalty [Member] | |||||
Percentage of net smelter return royalty | 4.00% | ||||
Laramide's La Sal Project [Member] | |||||
Number of option purchase | $ 3,000 | ||||
Option expire date | Jan. 5, 2018 | ||||
La Jara Mesa Project [Member] | |||||
Number of option purchase | $ 5,000 | ||||
Option expire date | Jan. 5, 2018 | ||||
Laramide Resources Ltd [Member] | |||||
Cash | $ 2,500 | ||||
Cash paid in advance | $ 250 | ||||
Warrant to purchase of common stock | shares | 2,218,333 | ||||
Promissory note secured by mortgage over the projects | $ 5,000 | ||||
Debt instrument, term | 3 years | ||||
Percentage of debt interest rate | 5.00% | ||||
Promissory note due date description | Principal payments of approximately $1.5 million are due and payable on January 5 in each of 2018 and 2019, with the balance of $2.0 million due and payable on January 5, 2020 | ||||
Additional gain on fair value of warrants | $ 500 | ||||
Future cash receipts discount percnetage | 9.50% | ||||
Laramide Resources Ltd [Member] | January 5 In Each of 2018 and 2019 [Member] | |||||
Debt principal amount due | $ 1,500 | ||||
Laramide Resources Ltd [Member] | January 5, 2020 [Member] | |||||
Debt principal amount due | 2,000 | ||||
Laramide Resources Ltd [Member] | January 5, 2018 [Member] | |||||
Repurchase of royalty cost | $ 4,950 | ||||
Laramide Resources Ltd [Member] | Churchrock Project [Member] | |||||
Percentage of debt interest rate | 10.00% | ||||
Laramide Resources Ltd [Member] | CAD [Member] | |||||
Warrant purchase price per share | CAD / shares | CAD 0.45 |
Disposal of Hydro Resources, 30
Disposal of Hydro Resources, Inc. - Schedule of Fair Value of Purchase Consideration (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Total Consideration Received | $ 6,020 |
Cash, Less Transaction Costs [Member] | |
Total Consideration Received | 1,950 |
Laramide Common Stock [Member] | |
Total Consideration Received | 569 |
Notes Receivable [Member] | |
Total Consideration Received | $ 3,501 |
Disposal of Hydro Resources, 31
Disposal of Hydro Resources, Inc. - Schedule of Asset Disposal (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Business Combinations [Abstract] | ||
Total Consideration Received | $ 6,020 | |
Carrying value of Churchrock project | (2,123) | |
Carrying value of other plant and equipment | (31) | |
Accounts payable | 1 | |
Asset retirement obligation | 105 | |
Royalty payable on Churchrock project | 450 | |
Gain on disposal of HRI | $ 4,422 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Fair Value On a Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Marketable securities | $ 999 | |
Notes receivable - current | 1,500 | |
Total current assets recorded at fair value | 2,499 | |
Restricted cash | 3,964 | 3,964 |
Notes receivable - non-current | 2,176 | |
Total non-current assets recorded at fair value | 6,117 | 3,964 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities | 999 | |
Notes receivable - current | ||
Total current assets recorded at fair value | 999 | |
Restricted cash | 3,964 | 3,964 |
Notes receivable - non-current | ||
Total non-current assets recorded at fair value | 3,941 | 3,964 |
Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities | ||
Notes receivable - current | 1,500 | |
Total current assets recorded at fair value | 1,500 | |
Restricted cash | ||
Notes receivable - non-current | 2,176 | |
Total non-current assets recorded at fair value | 2,176 | |
Fair Value, Inputs, Level 3 [Member] | ||
Marketable securities | ||
Notes receivable - current | ||
Total current assets recorded at fair value | ||
Restricted cash | ||
Notes receivable - non-current | ||
Total non-current assets recorded at fair value |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Net property, plant and equipment | $ 46,849 | $ 46,916 |
Turkey [Member] | ||
Net property, plant and equipment | 17,989 | 17,990 |
Texas [Member] | ||
Net property, plant and equipment | 9,631 | 9,683 |
New Mexico [Member] | ||
Net property, plant and equipment | 19,102 | 19,102 |
Corporate [Member] | ||
Net property, plant and equipment | 127 | 141 |
Uranium Plant [Member] | ||
Net property, plant and equipment | 8,455 | 8,459 |
Uranium Plant [Member] | Turkey [Member] | ||
Net property, plant and equipment | ||
Uranium Plant [Member] | Texas [Member] | ||
Net property, plant and equipment | 8,455 | 8,459 |
Uranium Plant [Member] | New Mexico [Member] | ||
Net property, plant and equipment | ||
Uranium Plant [Member] | Corporate [Member] | ||
Net property, plant and equipment | ||
Mineral Rights and Properties [Member] | ||
Net property, plant and equipment | 37,070 | 37,070 |
Mineral Rights and Properties [Member] | Turkey [Member] | ||
Net property, plant and equipment | 17,968 | 17,968 |
Mineral Rights and Properties [Member] | Texas [Member] | ||
Net property, plant and equipment | ||
Mineral Rights and Properties [Member] | New Mexico [Member] | ||
Net property, plant and equipment | 19,102 | 19,102 |
Mineral Rights and Properties [Member] | Corporate [Member] | ||
Net property, plant and equipment | ||
Other Property Plant and Equipment [Member] | ||
Net property, plant and equipment | 1,324 | 1,387 |
Other Property Plant and Equipment [Member] | Turkey [Member] | ||
Net property, plant and equipment | 21 | 22 |
Other Property Plant and Equipment [Member] | Texas [Member] | ||
Net property, plant and equipment | 1,176 | 1,224 |
Other Property Plant and Equipment [Member] | New Mexico [Member] | ||
Net property, plant and equipment | ||
Other Property Plant and Equipment [Member] | Corporate [Member] | ||
Net property, plant and equipment | $ 127 | $ 141 |
Mineral Property Expenditures34
Mineral Property Expenditures (Details Narrative) $ in Thousands | Mar. 24, 2017USD ($)ashares |
Option Agreement [Member] | |
Acquire mineral property claims due date | Mar. 24, 2018 |
Exchange shares of common stock | shares | 200,000 |
Exploration expense | $ | $ 75 |
Option Agreement [Member] | NSR Royalty [Member] | |
Royalty percentage | 1.00% |
Columbus Basin Project [Member] | |
Area of land | 14,000 |
Lithium Holdings Nevada LLC [Member] | |
Area of land | 3,000 |
Mineral Property Expenditures -
Mineral Property Expenditures - Schedule of Mineral Property Expenditures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Total expense for the period | $ 769 | $ 731 |
Temrezli Project [Member] | ||
Total expense for the period | 98 | 241 |
Turkey Project [Member] | ||
Total expense for the period | 98 | 241 |
Kingsville Dome Project [Member] | ||
Total expense for the period | 262 | 234 |
Rosita Project [Member] | ||
Total expense for the period | 112 | 68 |
Vasquez Project [Member] | ||
Total expense for the period | 169 | 158 |
Other Project [Member] | ||
Total expense for the period | 1 | 22 |
Texas Project [Member] | ||
Total expense for the period | 544 | 482 |
Cebolleta Project [Member] | ||
Total expense for the period | 1 | |
Juan Tafoya Project [Member] | ||
Total expense for the period | 6 | 7 |
New Mexico Project [Member] | ||
Total expense for the period | 6 | 8 |
Columbus Basin Project [Member] | ||
Total expense for the period | 117 | |
Other Projects Nevada [Member] | ||
Total expense for the period | 4 | |
Nevada Projects [Member] | ||
Total expense for the period | $ 121 |
Convertible Loan (Details Narra
Convertible Loan (Details Narrative) - USD ($) $ in Thousands | Feb. 09, 2017 | Apr. 29, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Nov. 13, 2013 |
Line of Credit Facility [Line Items] | ||||||
Loss on extinguishment debt | $ 39 | |||||
Debt carrying value | $ 5,500 | |||||
April 13, 2017 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Ownership percentage | 2.90% | |||||
Loan Agreement [Member] | Resource Capital Fund V LP [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Exchange shares of common stock | 2,500 | |||||
Repayment of convertible loan | $ 5,500 | |||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 15,000 | |||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Maximum [Member] | Loan Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit fee available | $ 15,000 | |||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Minimum [Member] | Loan Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit fee available | $ 8,000 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Asset retirement obligation current | $ 121 | $ 121 |
Rosita Project [Member] | ||
Asset retirement obligation current | $ 100 |
Asset Retirement Obligations -
Asset Retirement Obligations - Summary of Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Balance, beginning of period | $ 4,894 | $ 4,468 | $ 4,468 |
Liabilities settled | (14) | (54) | |
Liabilities disposed | (105) | ||
Accretion expense | 132 | $ 120 | 480 |
Balance, end of period | 4,907 | 4,894 | |
Less: Current portion | (121) | (121) | |
Less: Included in liabilities held for sale | (105) | ||
Non-current Portion | $ 4,786 | $ 4,668 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Feb. 28, 2017 | Feb. 16, 2017 | Jan. 19, 2017 | Feb. 28, 2017 | Jan. 31, 2017 | Mar. 31, 2017 |
Net proceeds from direct offering | $ 8,900 | $ 4,500 | $ 8,900 | |||
Number of common stock sold | 1,399,140 | |||||
sale of stock price per share | $ 2.01 | |||||
Pre-funded warrants to purchase of common stock, shares | 3,426,731 | |||||
Pre-funded common stock purchase warrants price, per share | $ 2 | |||||
Warrant exercise price per share | $ 0.01 | |||||
Number of common stock issued value | $ 13,388 | |||||
Investor [Member] | ||||||
Number of common stock issued | 150,000 | |||||
Number of common stock issued value | $ 300 | |||||
Share issued price per share | $ 2 | $ 2 | ||||
Aspire Capital Fund LLC [Member] | ||||||
Net proceeds from direct offering | $ 4,500 | |||||
Number of common stock sold | 2,100,000 | |||||
sale of stock price per share | $ 1.58 | |||||
Pre-funded warrants to purchase of common stock, shares | 748,101 | |||||
Pre-funded common stock purchase warrants price, per share | $ 1.57 | |||||
Warrant exercise price per share | $ 0.01 | |||||
Warrants expiration term | 3 years |
Stock Based Compensation (Detai
Stock Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Nov. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Jan. 19, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 200 | $ 22 | ||||
Sale of stock price per share | $ 2.01 | |||||
Number of stock option issued, shares | 105,245 | 326,424 | 110,828 | 326,424 | ||
Non-Compensatory [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of stock option issued, shares | 266,742 | |||||
Anatoila Energy Limited [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of replacement options issued | 374,749 | |||||
Sale of stock price per share | $ 0.00548 | |||||
2013 Omnibus Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common stock shares reserved for future issuance | 54,460 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Options Outstanding (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of stock options outstanding, Beginning of period | 110,828 | 326,424 |
Number of stock options outstanding, Expired | (5,583) | |
Number of stock options outstanding, End of period | 105,245 | 326,424 |
Number of stock options outstanding, Exercisable | 105,139 | 326,111 |
Weighted average exercise price, Beginning of period | $ 18.24 | $ 24.90 |
Weighted average exercise price, Expired | 11.04 | |
Weighted average exercise price, End of period | 18.62 | 24.90 |
Weighted average exercise price, Exercisable | $ 18.60 | $ 24.89 |
Stock Based Compensation - Su42
Stock Based Compensation - Summary of Stock Options Outstanding and Exercisable by Stock Option Plan (Details) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Outstanding Stock Options, Number of Options Outstanding | 105,245 | 110,828 | 326,424 | 326,424 |
Outstanding Stock Options, Weighted Average Exercise Price | $ 18.62 | $ 18.24 | $ 24.90 | $ 24.90 |
Exercisable Stock Options Exercisable, Number of Options Exercisable | 105,139 | 326,111 | ||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 18.60 | $ 24.89 | ||
2004 Plan [Member] | ||||
Outstanding Stock Options, Number of Options Outstanding | 4,792 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 35.14 | |||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 4,792 | |||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 35.14 | |||
2004 Director's Plan [Member] | ||||
Outstanding Stock Options, Number of Options Outstanding | 1,390 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 629.52 | |||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 1,390 | |||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 629.52 | |||
2013 Plan [Member] | ||||
Outstanding Stock Options, Number of Options Outstanding | 417 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 35.88 | |||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 312 | |||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 35.88 | |||
Replacement Stock Options [Member] | ||||
Outstanding Stock Options, Number of Options Outstanding | 98,646 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 9.13 | |||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 98,645 | |||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 9.23 |
Stock Based Compensation - Su43
Stock Based Compensation - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Number of restricted stock, Unvested Beginning of period | 8,649 | 32,699 |
Number of restricted stock, Forfeited | (3,332) | |
Number of restricted stock, Vested | (2,513) | (5,291) |
Number of restricted stock, Unvested End of period | 6,136 | 24,076 |
Weighted Average Grant Date Fair Value, Unvested Beginning of period | $ 43.71 | $ 34.25 |
Weighted Average Grant Date Fair Value, Forfeited | 32.21 | |
Weighted Average Grant Date Fair Value, Vested | 31.32 | 32.71 |
Weighted Average Grant Date Fair Value, Unvested End of period | $ 48.78 | $ 34.87 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) | 3 Months Ended |
Mar. 31, 2017shares | |
Earnings Per Share Details Narrative | |
Potentially dilutive shares | 561,456 |
Geographic and Segment Inform45
Geographic and Segment Information (Details Narrative) | 3 Months Ended |
Mar. 31, 2017ReportableSegments | |
Segment Reporting [Abstract] | |
Number of reportable operating segment | 1 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ in Thousands | May 11, 2017 | Apr. 14, 2017 | Jan. 19, 2017 | Feb. 28, 2017 | Jan. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Proceeds from offering | $ 8,900 | $ 4,500 | $ 8,900 | ||||
Number of common stock sold | 1,399,140 | ||||||
Proceeds from common stock | $ 13,388 | $ 1,193 | |||||
Subsequent Event [Member] | ATM Offering [Member] | |||||||
Proceeds from offering | $ 30,000 | ||||||
Commission percentage | 2.50% | ||||||
Number of common stock sold | 20,413 | ||||||
Proceeds from common stock | $ 37,152 | ||||||
Remaining future sales amount | $ 30,000 |